Pfizer Inc. (NYSE: PFE)
Pfizer shares were down 2.86% before the opening bell on Tuesday after the drugs maker issued downbeat fiscal 2019 earnings and revenue. Further, the company warned it expects a hit from the loss of patent of its pain drug Lyrica this year.
Pfizer also posted a loss for its fiscal 2018 fourth quarter as it continued facing tougher generic competition and pricing challenges in the United States. Shares of the Dow component have gained about 1.3% in the last 12 months.
PFE Earnings & Outlook
The company reported fiscal fourth-quarter net loss of $394 million, or $0.07 per share, down from earnings of $12.274 billion, or $2.02 per share, in the same three months a year ago. The net loss included a $3.1 billion impairment charge related to the 2015 purchase of Hospira Inc.
Excluding one-time items, earnings for the quarter were $0.64 per share, while analysts had called for adjusted earnings of $0.65 per share, based on data compiled by Refinitiv. Revenue climbed to $13.98 billion from $13.703 billion, beating analysts’ expectations of $13.899 billion.
For fiscal 2019, the drugs maker anticipates adjusted earnings of $2.82 to $2.92 per share, while analysts model adjusted earnings of $3.04 per share. Pfizer expects 2019 revenue to be in the range of $52.0 billion to $54.0 billion, compared with Wall Street estimates for revenues of $54.3 billion.
Pfizer CEO Comments
Dr. Albert Bourla, Pfizer’s Chief Executive Officer, stated, “2018 was highlighted by solid financial performance, shareholder-friendly capital allocation, the strengthening of our pipeline and the formation of our new commercial structure designed to transition the company to a period post-2020 where we expect a higher and more sustained revenue growth profile.”
“We enter 2019 with confidence in the competitive positioning of our businesses, the prospects for our recently launched products and product line extensions, as well as the strength and breadth of our research pipeline. Our focus remains on advancing science and innovation in areas that we believe will serve the unmet needs of patients and also create the most attractive opportunities for value creation.”
Pfizer Inc. Profile
Pfizer Inc. engages in the discovery, development, and manufacture of healthcare products specializes in medicines, vaccine, and consumer healthcare. It operates through the Pfizer Innovative Health (IH) and Pfizer Essential Health (EH) segments. The IH segment focuses on the development and commercializing medicines and vaccines for internal medicine, oncology, inflammation and immunology, rate disease, and consumer healthcare.
The EH segment is involved in development and supply of branded generics, generic sterile injectable products, biosimilars, and select branded products including anti-infectives. The company was founded by Charles Pfizer Sr. and Charles Erhart in 1849 and is headquartered in New York, NY. – CNN Money